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e. (8 pts) Free Trade Agreement. Suppose before trade, China was producing 50,000 pounds of agriculture goods and 5000 tons of steel, and the United States was producing 80,000 pounds of agriculture goods and 1000 tons of steel. China and the United States engage in a trade agreement, each specializing in the production of the good for which each has a comparative advantage China agrees to increase its production of steel by 1000 tons, and will sell 1000 tons to the United States. In return, the United States will increase its production of agricultural goods by 16,000 pounds, and will sell 14,000 pounds to China Complete the table below to determine if this is a good trade agreement for each country. China United States Agric. Steel Agric. Steel Goods Goods (A) Pre-trade prodn 50,000 5,000 (A) Pre-trade prodn levels 80,000 1000 levels (B) Specialize prodn 40,000 6,000 (B) Specialize prodn levels 96,000 C levels (C) Change = (BHA) (C) Change = (BHA) (D) Trade Agreement (D) Trade Agreement (E) Consumption (E) Consumption possibilities = (D)+(B) Possibilites = (D)+(B) Gains from trade = (E) Gains from trade = (EHA) (A) IS THIS A GOOD TRADE AGREEMENT? WHY? Social Science (SS) Learning Outcomes (LO) 1, 2, 3